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Lecture #9 Notes.docx

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Ryerson University
Global Management Studies
GMS 200
Bamidele Adekunle

Lecture #9: Entrepreneurship and Small Business Management March 25, 2014 Entrepreneurship - strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations. Entrepreneurs - risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats. Typical Characteristics of Entrepreneurs:  Internal locus of control.  High energy level.  High need for achievement.  Tolerance for ambiguity.  Self-confidence.  Passion and action-orientation.  Self-reliance and desire for independence.  Flexibility.  Entrepreneurship can be a function of self-efficacy; self-efficacy = competence; locus of control: contingence; personal agency belief [Entrepreneurship is a multiplicative function (self-efficacy * locus of control)]. Typical Entrepreneurial Backgrounds and Experiences:  Parents were entrepreneurs or self-employed.  Families encouraged responsibility, initiative, and independence.  Have tried more than one business venture.  Have relevant personal or career experience.  Become entrepreneurs between 22 and 45 years of age.  Have strong interests in creative production and enterprise control.  Seek independence and sense of mastery. Common Myths about Entrepreneurs:  Entrepreneurs are born, not made.  Entrepreneurs are gamblers. Lecture #9: Entrepreneurship and Small Business Management March 25, 2014  Money is the key to entrepreneurial success.  You have to be young to be an entrepreneur.  You must have a degree in business to be an entrepreneur. Characteristics of Small Businesses:  Ones with 100 or fewer employees.  Independently owned and operated.  50% of the private labour force works in small businesses.  Are established by: starting a new business, buying an existing business, buying and running a franchise.  Entrepreneurship and the Internet.  International business entrepreneurship.  Family business.  Reasons for small business failures. Important Issues in New Venture Creation:  Does the entrepreneur have good ideas and the courage to give them a chance?  Is the entrepreneur prepared to meet and master the test of strategy and competitive advantage?  Can the entrepreneur ident
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